Opera Software has launched OKash, a micro-loan service, in Kenya. The app is currently is beta phase and is targeting to provide loans to about 100,000 Kenyans to begin with.
The service currently works via an app on the Google Play store but apparently there are plans to make it available on iOS and via USSD.
Customers can get loans of between Ksh. 500 and Ksh. 100,000 during the beta phase. Later, the upper limit will be raised to Ksh. 500,000.
To get a loan, you need to do the following:
1. Download the app
You need to download the app from the Google Play store here.
2. Create an account
Once you have the app, register a new account. You will also need a mobile number at this stage.
3. Fill in personal details
You will need to fill in personal details once you have logged in after creating an account. Some of the details that are required include:
National ID number
Date of birth
Details of outstanding loans
Referee’s Legal name
Referee’s Mobile Number
4. Apply for loan
Once you filled the details above, the app will let you know how much money you can be able to borrow and the repay period i.e. 14 days. You can then finish the loan application process and then the loan will be sent directly to your phone.
The loans attract an interest rate of 14%. For instance, a loan of 1,500 will attract an interest of Ksh. 210 which will make the loan repayment amount to be Ksh. 1,710.
You have to be between 20-55 years old to get a loan.